All Forum Posts by: Elizabeth Colegrove

I am so confused. What do you mean a VA is owner occupied for life? My husband is active duty navy and we have bought 2 houses with the va loan. Both houses we have lived in and rented out when we are transferred. Here is an article that I wrote on the VA loan. https://www.biggerpockets.com/renewsblog/2015/12/0... I have not heard of having living there forever. 

I do know of some people who have refinance the VA loan out there, to reuse it again. There is a higher second time use VA loan funding fee.

I just look at every area I go to and evaluate if it works in my model. IF it works than we look to invest. We bought 4 soon to be 5 houses in Central Valley California.

I have used OPM with banks. I try to buy personal properties (my husband is active duty so we are transient) with as little down as possible. Than I use our money to invest in pure rentals growing our empire even quicker. 

I try high in the beginning. I quickly lower it if I have not been getting inquiries. I find it really depends on the area. I have not been getting negotiations per say but I have been getting people asking me to hold the house. I have also found that I will get 30 inquiries but $50 higher it is crickets!

I personally don't like vacancies so my goal is to get the highest price with the lease amount of vacancy.

Welcome!

My husbands is in the navy great to meet a marine ;) We have a lot of marine friends. I totally understand your desire to use real estate to get out of the corporate world. That is my goal too. First for me to be able to stay home and second for my husband to be able to early retire from the Navy at 44. Our dream is to sail around the world with our children during early retirement. 

Everyone has a different opinions. My husband and I got started in buy and holds through personals. We would live in our house and when we were transferred we would rent it out and buy another one. It was a cheap way to get started. 

Now all of our houses have equity thanks to buying in the low of the recession. While we will sell at some point, our deciding factor is can the profit that we make do more than our current cash flow. So far the answer has always been no.

We did recently a cash out refinance. That went a long way to helping us get equity out while not having to sell the house. So we were able to buy one more house and have enough for 1/2 of the next house.

I would check your state laws. Sometimes the septic systems can limit the number of people too. I haven't had a septic system but that has been the whispers I have heard over the years.

Honestly I don't even both looking at reference. If they have the income, the job history, and background/credit check, I am good. I have found with this class teaching them how to be a great tenant can be the burden. So thats where my 16 page lease comes in.

 EXACTLY! Good Luck! Sorry you are dealing with it.

I don't believe in holding properties. If my property is empty I will keep it empty for 10 days otherwise you start the lease and move on. I recently realized I had am making an exception. I have a very expensive house at the high end of the rental market that appeals to very few people. I am looking into holding it for 2 months with the increase of rent that will cover the lease over time. 

We will see if that strategy works!